LuxFi Will Launch a Chainlink Node to Bring Luxury Assets Data On-Chain
LuxFi is delighted to announce that we will be launching our own official Chainlink node to make our premium luxury goods data available on blockchains. Chainlink is a secure blockchain middleware that allows traditional APIs to become easily compatible with blockchain networks. Through the LuxFi Chainlink node, we can supply and sell our data directly to smart contract applications running on blockchains. Additionally, we can cryptographically sign our data to provide users with strong assurances that it originated directly from our API without tampering, making it even more reliable for use in automated applications.
LuxFi’s Chainlink node will provide a variety of datasets about the luxury market, such as SKUs, primary and secondary market prices, and market trends. The data can be used by smart contract developers and blockchain-enabled luxury goods companies to build various decentralized applications like providing markets insights using our data intelligence, and pricing luxury goods on-chain so they can be tokenized, traded, and used as collateral for DeFi applications.
LuxFi’s data intelligence system is able to convert raw data from social media and sales channels, SKUs, and various luxury brands into valuable information and business insights for decision-makers. We leverage machine learning and image recognition to cleanse, curate, and build a robust database that’s useful to buyers, sellers, brands and retailers, and consulting firms in the luxury market industry.
As smart contracts gain traction across a wider range of industries and asset classes, we believe the luxury market will make its way onto blockchains. Not only can ownership of luxury physical assets be digitized through tokens and used within decentralized finance (DeFi) applications, but the luxury goods supply chain can be streamlined and optimized to provide stronger verification systems on luxury assets.
In order to make luxury assets markets possible on blockchains, they require well-curated data specifically about the industry. Since blockchains are inherently closed systems, an additional piece of infrastructure known as an oracle is required to bring external data on-chain. Oracles are digital entities designed to fetch data from outside the blockchain, validate its integrity and accuracy, and deliver it back on-chain so it can be used by smart contracts.
After looking into oracle solutions, LuxFi identified Chainlink as the industry standard. Chainlink is the most time-tested and widely adopted oracle solution by both data providers and smart contract developers. Some of the notable features of launching a Chainlink node include:
- Data Signing — The Chainlink node cryptographically signs every piece of data broadcast on-chain from our API, preventing man-in-the-middle attacks and increasing its reliability in automating contract outcomes.
- Blockchain Agnostic — The Chainlink node is blockchain-agnostic, providing us with a single gateway to sell data to any current and future blockchain.
- Large Market — Chainlink is the most widely used oracle solution in the smart contract economy, providing us with a large and growing market of potential data consumers.
- Secure Infrastructure — Chainlink is thoroughly audited open-source software that collectively secures tens of billions of dollars in value on mainnet, proving its ability to protect and trigger the movement of real economic value.
“Launching a Chainlink node will provide us with an oracle solution that seamlessly integrates our existing API datasets into blockchain-based markets, opening up new revenue streams for our company and allowing innovative applications to be built by developers,” stated Aidaa Wong, CEO and Founder of LuxFi. “The luxury market can benefit tremendously from blockchain technology, and we believe that through Chainlink our data will be highly useful for pricing and verifying luxury assets on-chain for smart contracts.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
LuxFi is a real-world luxury asset-backed NFT DeFi solution: a new way to unlock the true value and increase the liquidity of the real-world luxury assets through our Layer-2 blockchain technology. We eliminate counterfeiting by minting an NFT on our platform and provide accurate NFT pricing that is backed by real-world data. LuxFi opens all the potential utility of idle luxury assets into decentralized finance powered by NFT.
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